Retirement may seem so far away for those focusing on getting divorced right now. After all, navigating a divorce proceeding in Alabama requires a great deal of mental and emotional energy due to the many important decisions that must be made regarding the marital home or spousal support, for example. However, thinking about retirement is essential during divorce as well, as the decisions made during a marital split-up can have long-term implications for one's golden years.
Getting divorced can be one of the most challenging experiences a person may have in life for both financial and emotional reasons. It can also be difficult from a legal standpoint due to the many steps involved. One area of confusion for some couples in Alabama is the difference between separation and divorce.
During the process of getting divorced in Alabama, a topic that is often not considered is taxes. After all, dealing with issues such as the division of assets or spousal support can naturally be complex without even addressing the tax aspects of them. Fortunately, couples who are splitting retirement account or pension funds during divorce do not have to worry about the tax consequences of doing this.
A couple's goal when they walk down the aisle in Alabama is not only to get married but also to stay married. Unfortunately, this is not always possible due to irreconcilable differences that may crop up. However, a few tips can help those going through divorce to protect themselves financially during this type of family law proceeding.
Getting divorced is never really easy even in the most amicable of split-ups. After all, in addition to trying to sort out their emotions, the spouses who are splitting up have to sort out their finances, too. A couple of tips may help with this process during a divorce proceeding in Alabama.
The process of getting divorced can be tricky because both spouses may have different ideas about how their assets should be split. In Alabama, the divorce courts follow the concept of equitable distribution. Based on this concept, marital property is split in an equitable -- or fair -- manner, whereas separate property is not subject to equitable division.
The process of getting divorced in Alabama is complicated emotionally, legally and financially. Splitting property that has been accumulated during divorce is often a particularly contentious aspect of the dissolution of a marriage. However, it is possible for a couple going through divorce to pursue the division of property on their terms rather than on a judge's terms.
Even when a couple strives to save their marriage, sometimes their efforts are simply not enough. In these situations, divorce is necessary. One of the biggest myths surrounding the dissolution of a marriage in Alabama and elsewhere is that the money in a spouse's own bank account will remain his or hers following the divorce.
The U.S. Centers for Disease Control and Prevention has data showing that the rate of marital split-ups has been moving downward. However, just a look around one's social circle may reveal a very different story: Split-ups are still common. A couple of tips can help with protecting one's finances following divorce in Alabama.
A businessperson's worst fear when going through a marital split-up in Alabama is losing his or her ability to continue making money through the business in the future. After pouring their hearts and souls into their companies, businesspeople naturally want to do everything they physically can to safeguard their entities from divorce. However, giving up a portion of the business to a soon-to-be ex may be necessary if he or she took part in the company operations or gave up a career to stay home with the children.